{"success":true,"engine":"Black Belt Labs","metric_id":"M10029","name":"Miner Margin Squeeze","category":"onchain","classification":"classic","update_frequency":"daily","inputs":["Aggregated crypto market data","Exchange market data","On-chain data","Prediction-market data","Social, news and sentiment data","Traditional-markets and macro data"],"inputs_are":"types of input","lookback_windows":["730 DAY"],"lookback_basis":"windows found in the implementation (INTERVAL clauses)","formula":"Miner economics proxy: BTC price divided by (network difficulty x natural-gas price), indexed to its 2-year average (value 100 = average margin). Normalized score is the inverse percentile - high score = miners squeezed hardest in 2 years, historically a capitulation/bottom antenna. Energy proxied by NG futures; difficulty from the public Bitcoin dataset.","formula_published":true,"definition_version":"1.0","definition_history":[{"version":"1.0","effective_from":"2026-09-09T17:46:42Z","change_note":"initial recorded definition"}],"methods":["progr"],"disclaimer":"Madjik metrics are informational market indicators computed by Black Belt Labs. They are not investment advice, an offer, or a recommendation to buy or sell any asset."}